Chosen Solution

It looks like (from pictures) that the Apple TV 4K has a vent on the bottom. I’m wondering if it has an active cooling solution (i.e. with a fan) or is just passive cooling (without a fan).

Until someone does a teardown we won’t know for sure. I suspect there is a fan and a heat pipe system. Why do I think that? If you review the images you’ll see there is no other opening for the air to enter or exit (chimney effect) for a passive system. The air must be coming in on one slot set and exiting on the other side on the bottom being moved by a fan.